Sylvania Platinum Company Research (SLP)

Sylvania Platinum reported record quarterly revenue of US$78.7m in Q326, with healthy 4E platinum group metals (PGMs) production (22,853oz, down 7% on the Q226 record), strong PGM prices and a growing chrome contribution. The company expects to achieve or exceed FY26 4E PGM production guidance, but lowered its chrome production guidance due to further weather-related and other challenges as the Thaba joint venture (JV) ramps up to full production. Q326 saw high cost growth, affected by dollar weakness and higher royalty tax. We have cut our FY26e EPS by 19.6% to 28.3 US cents, largely due to the US$12.3m impairment of exploration assets during H126. Our FY27 and FY28 EPS forecasts have been lifted by 1.5% and 2.5% respectively. Our valuation is unchanged at 195p per share.